International Investor Pays $1,022 PSF For Ground Floor Space In Lux Condo Project

May 11, 2017 No Comments by

Aurora Sunny Isles Beach has announced the sale of 5,382 square feet of ground-floor commercial real estate at the luxury residential project to an international investor for $5.5 million – or about $1,022 per square foot.

The commercial sale comes at a time when developer Verzasca Group is preparing to begin construction at Aurora this summer. Aurora is a new boutique luxury condominium project with 61 residences at 17550 Collins Avenue in Sunny Isles, one of the world’s most sought-after destinations. It is the first project to be developed on the west side of Collins Avenue – or A1A – in more than a decade.

Aurora’s two and three-bedroom residences range from 1,385 to more than 2,150 square feet. Prices start in the $900,000s, making it the most attainable luxury project on Sunny Isles.

 

“We are thrilled to complete this commercial sale in advance of commencing vertical construction at Aurora,” said Verzasca Managing Director Tim Lobanov. “This transaction shows that the demand for Sunny Isles real estate transcends the residential sector.”

Alex De Leon of Fortune International Realty represented the undisclosed buyer in the transaction. De Leon specializes in working with buyers and sellers of luxury real estate throughout Miami, including in Aventura, Bal Harbour, Brickell, Downtown Miami, Miami Beach and Sunny Isles.

John Warsing, Director of Sales with Aurora, represented the project in the deal.

 

“It was a privilege to work with Alex and his client on this deal,” said Warsing. “Having known and worked with Alex for nearly 20 years, it made what could have been a complex transaction very smooth and easy. I look forward to continuing to work with Alex on residential transactions at this project.”

De Leon said this particular investor considered the commercial real estate at Aurora to be a “trophy property” in an area where prime acquisition opportunities are hard to come by. He also cited the large size of the commercial space, with 15-foot ceilings, and the allocation of 31 parking spaces as motivating factors for the buyer.

 

“Sunny Isles is a hot area known for its luxury condos,” said De Leon. “But it is extremely difficult to find commercial real estate investments there. Aurora is a fantastic project, and the timing for this opportunity was perfect.”

 

 

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Industry News, Miami-Dade County Multifamily, Miami-Dade County Retail, Multifamily, NA, Retail
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